Shareholder vote puts Brookfield closer to TerraForm Global acquisition

So close. Seven months after Brookfield struck a deal to acquire TerraForm Power and TerraForm Global, the two solar and wind yieldcos created by SunEdison, the asset manager is finally closing the deals.

Brookfield closed on the acquisition of a 51% share in TerraForm Power a month ago, and yesterday TerraForm Global’s shareholders voted to approve the acquisition by Brookfield in a special meeting.

However, there is still one more step before Brookfield can take over Global and its 919 MW of solar and wind projects in Brazil, India, China and other developing nations. Global has reached a $57 million settlement with investors who sued the company over its initial public offering, and this must still receive court approval.

Global says that it will pay the $57 million through a combination of proceeds from existing insurance and litigation settlement proceeds. This will not settle securities suits related to the company’s private offerings, which Global says that it is working “diligently” to resolve.

TerraForm Power and Global’s solar and wind assets add to Brookfield’s existing $31 billion portfolio of renewable energy assets. This includes over 200 hydroelectric projects in North and South America, which it calls the largest independently owned hydro portfolio of its kind. The company also owns dozens of wind plants, four biomass plants, and a 600 megawatt pumped hydro storage facility in Massachusetts.